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Grandview Village, located at 1296 Worcester Rd. in Framingham, is one of the two Framingham apartment complexes that Chestnut Hill Realty bought this week.

By Jaclyn Reiss, Town Correspondent

A Chestnut Hill-based real estate company has purchased two apartment complexes with a combined 581 units in Framingham for $84.5 million.

Chestnut Hill Realty acquired the Grandview Terrace and Grandview Village complexes on Route 9 near Temple Street, and will rebrand and reintroduce them to the market as Water View Apartments at Framingham, according to a statement from the company.

The two apartment communities are located within a half-mile of each other on Route 9 and were built between 1968 and 1973. Both properties are close to the Massachusetts Turnpike, Interstate 495 and an MBTA commuter rail station.

The company will start an extensive capital improvement campaign and anticipates spending several million dollars to improve curb appeal and infrastructure of the two complexes.

"This is the type of property we do really well with," said Bobby Zuker, Chestnut Hill Realty's chief operating officer. "There was a lot of deferred maintenance and so there is plenty of opportunity to put money back into the properties, create value and improve quality of life for residents."

Both properties will receive facelifts to enhance the entrances, signage, common areas, hallways, landscaping, and amenities, along with other site improvements, company officials said.

Grandview Terrace, which will be renamed Water View Terrace, is situated on 4.25 acres overlooking the Foss Reservoir. It consists of two six-story apartment buildings containing 300 units, including a mix of studio, one- and two-bedroom units with an average size of 944 square feet.

Grandview Village, to be renamed Water View Village, is located on an 8.46-acre parcel also overlooking the Foss Reservoir, and consists of four six-story buildings with brick exteriors. Also featuring a mix of studio, one- and two-bedroom units, the 281 apartments at "The Village" have an average size of 878 square feet. An adjacent parcel contains a single-story, 7,490-square-foot plaza with six retail suites.

Ed Zuker, the company's founder and CEO, said his company wanted to invest in the Framingham apartments because he saw value in the suburbs west of Boston.

Officials also said that the MetroWest area proves a strong market due to its accessibility, a growing job market, and local amenities like entertainment, shopping, and restaurants.

"While institutional buyers are focusing on downtown Boston acquisitions, CHR sees tremendous value and opportunity in Framingham, which is part of the strong Metrowest office market and appeared on Money magazine's list of America's Best Places to Live in 2012," Zuker said.

The realty company said it will manage the apartments, and seeks to provide timely and attentive customer service to its residents.

People's United Bank provided $37 million in financing, while the realty company also assumed an existing $27 million Fannie Mae loan as part of the acquisition.

Chestnut Hill Realty was established in 1969, and owns and manages more than 4,500 units in 27 apartment home communities in Greater Boston and Rhode Island.